AngioDynamics reported losses of $362,000, or 1¢ per share, on sales of $89.2 million for the 3 months ended Nov. 30.
That amounts to a 127% slide on profits as it saw sales shrink 3.2% compared with the same period last year. Adjusted to exclude 1-time items, earnings per share were 14¢.
The numbers missed street expectations, with analysts on Wall Street expecting to see an adjusted EPS of 17¢ and revenue of $91.7 million.
AngioDynamics adjusted profits and EPS slid approximately 18% each from last year as well.
Shares in AngioDynamics have slipped, down 5.3% to trade at $10.94 as of 3:55 p.m. EST.
“In the 2nd quarter, we managed the business effectively, despite lingering headwinds, and generated net sales of $89.2 million and adjusted EPS of$0.14, both of which were in the mid-range of our guidance. Our team has worked diligently to build a culture committed to quality and compliance and, in the quarter, our efforts were validated when the FDA removed the remaining warning letters against the Company. Additionally, we continue to execute our operational excellence plans and expect to complete the manufacturing transition from Queensbury to Glens Falls in January, which will further increase our operating leverage and improve cash flow generation. AngioDynamics now has a strong operational and regulatory foundation that we believe will contribute to top line growth, margin expansion and continued strong cash flow from operations,” CEO Joseph DeVivo said in an SEC filing.
In early December, AngioDynamics said the FDA closed out a pair of warning letters sent in 2011 and 2014, closing the book on all warning letters sent to the Latham, N.Y.-based medical device company.
AngioDynamics said the FDA also closed out a November 2014 letter sent after the agency received 55 complaints alleging the presence of hair in long-term-use catheter packaging. The bureau also closed out a May 2011 letter flagging problems with its Centros chronic hemodialysis catheter.